Insurtech Cake, a transactional marketplace for independent insurance agents, has competed a $1.3m pre-seed funding round.
The funding round for Cake was led by venture capital firm Markd. Additional participants included 2ndF, Iridium Bloom, 101 Weston Labs, IIANC and other strategic partners.
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Furthermore, the closing of the round makes a step towards Cake’s vision of reshaping insurance M&A, as well as democratising it, and widening its reach to agents across various levels.
Launched in 2021, Cake connects independent agents aiming to sell whole businesses or partial accounts with those wanting to expand operations or footprint.
Next steps for Cake with its funding is to improve its platform, build customer acquisition and broaden essential services.
“As we witness a shift away from private equity dominance, our platform makes it progressively simpler for agents to adapt to the changing insurance landscape. We offer a unique opportunity for agents to buy and sell their books of business, or even fractional sales with slices of their books, with each other.” says Adam Bowe, co-founder, and CEO of Cake.
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By GlobalData“Our focus on innovative technology, connectivity, and independent agents makes us exceptional.”
Parker Beauchamp, managing partner at Markd, noted: “I sure wish this tool had been available to me during my time in distribution. What an opportunity for those trying to scale or exit parts of or their entire agencies fast and effectively. There is a tremendous amount of scale for those seeking it before they reach typical private equity scenarios by buying and selling books or slices of agency businesses.
“Adam and John built a solution that eases the process of liquidating assets and fostering independent insurance agents’ strategic growth — an endeavor worth investing in. Whether on the brink of acquiring one’s first book of business, ready to retire by selling, or aiming to grow an existing agency, Cake could be a go-to platform.”
